Saab buyout finalised

The buyer of bankrupt Saab completed the deal to acquire most of its assets in a step that advanced its plans to make electric cars but said it would not be able to use the Swedish firm’s distinctive griffin head logo.

Saab, which has been making cars since 1947, crashed into bankruptcy at the end of 2011, less than two years after General Motors sold it to Dutch sportscar group Spyker.

Buyer National Electric Vehicle Sweden (NEVS) whose electric vehicles will be based on Saab cars, said completion of the purchase would speed up the process toward the start of production.

“In approximately 18 months, we plan to introduce our first electric vehicle based on Saab 9-3 technologies and a new technology electric powertrain,” Karl-Erling Trogen, NEVS chairman, said.

NEVS aims to make cars for the Chinese market as it sees the authorities there investing heavily in electric vehicles.

The finalisation of the deal came after NEVS agreed with truck maker Scania and defence and aerospace group Saab not to use the griffin symbol, though it can use the name Saab.

The brand had been owned by the three firms, which in the past were one company.

NEVS is owned by National Modern Energy Holdings, whose founder is Chinese-Swedish businessman Kai Johan Jiang.

— Reuters